NASDAQ : SHLS
Shoals Technologies Group, Inc. — Financial statements
Technology · Solar · United States
Last price 7.2 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.21B
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Financial statements
Shoals Technologies Group, Inc. (SHLS) reported revenue of 588.06M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 588.06M | 475.33M | 399.21M | 488.94M | 326.94M | 213.21M |
| Cost of Revenue | 399.24M | 308.82M | 257.19M | 320.63M | 195.63M | 130.57M |
| Gross Profit | 188.82M | 166.51M | 142.02M | 168.30M | 131.31M | 82.64M |
| Selling, General & Admin | 95.19M | 83.18M | 74.96M | 79.46M | 55.91M | 35.54M |
| Operating Expenses | 104.13M | 91.78M | 83.55M | 88.01M | 64.98M | 44.06M |
| Operating Income | 84.69M | 74.73M | 58.46M | 80.30M | 66.33M | 38.58M |
| Interest Expense | -11.72M | -9.99M | -13.83M | -24.10M | -18.54M | -14.55M |
| Interest & Investment Income | 438.00K | 305.00K | 518.00K | |||
| Currency Exchange Gain (Loss) | -41.00K | -13.00K | ||||
| EBT Excluding Unusual Items | 73.37M | 65.03M | 45.16M | 56.20M | 47.79M | 24.03M |
| Merger & Restructuring Charges | -1.12M | -2.35M | ||||
| Gain (Loss) on Sale of Assets | -1.30M | 1.83M | ||||
| Legal Settlements | -26.31M | -18.34M | -7.29M | -1.26M | ||
| Other Unusual Items | 104.21M | -17.65M | ||||
| Pretax Income | 44.64M | 48.52M | 37.86M | 54.94M | 152.00M | 4.03M |
| Income Tax Expense | 12.80M | 14.94M | 13.74M | 12.27M | 8.99M | 86.00K |
| Earnings From Continuing Operations | 31.84M | 33.57M | 24.13M | 42.66M | 143.01M | 3.94M |
| Minority Interest in Earnings | -2.69M | -15.40M | -1.60M | |||
| Net Income | 31.84M | 33.57M | 24.13M | 39.97M | 127.61M | 2.35M |
| Preferred Dividends & Other Adjustments | 2.67M | |||||
| Net Income to Common | 31.84M | 33.57M | 24.13M | 39.97M | 127.61M | -327.00K |
| Shares Outstanding (Basic) | 167.60M | 167.26M | 168.57M | 164.16M | 114.50M | 99.27M |
| Shares Outstanding (Diluted) | 169.71M | 168.38M | 168.72M | 164.50M | 167.63M | 99.27M |
| EPS (Basic) | 0.19 | 0.20 | 0.14 | 0.24 | 1.11 | -0.00 |
| EPS (Diluted) | 0.19 | 0.20 | 0.14 | 0.24 | 0.85 | -0.00 |
| Free Cash Flow | -51.59M | -15.98M | 72.00M | 81.38M | 36.30M | -8.21M |
| Free Cash Flow Per Share | -0.30 | -0.10 | 0.43 | 0.49 | 0.22 | -0.08 |
| Gross Margin | 32.11% | 35.03% | 35.58% | 34.42% | 40.16% | 38.76% |
| Operating Margin | 14.40% | 15.72% | 14.64% | 16.42% | 20.29% | 18.09% |
| Profit Margin | 5.42% | 7.06% | 6.04% | 8.18% | 39.03% | -0.15% |
| Free Cash Flow Margin | -8.77% | -3.36% | 18.03% | 16.64% | 11.10% | -3.85% |
| EBITDA | 100.62M | 88.54M | 71.09M | 90.82M | 76.84M | 48.63M |
| EBITDA Margin | 17.11% | 18.63% | 17.81% | 18.58% | 23.50% | 22.81% |
| D&A For EBITDA | 15.93M | 13.82M | 12.63M | 10.53M | 10.51M | 10.05M |
| EBIT | 84.69M | 74.73M | 58.46M | 80.30M | 66.33M | 38.58M |
| EBIT Margin | 14.40% | 15.72% | 14.64% | 16.42% | 20.29% | 18.09% |
| Effective Tax Rate | 28.67% | 30.80% | 36.28% | 22.34% | 5.91% | 2.13% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 15.72M | 7.32M | 23.51M | 22.71M | 8.77M | 5.01M |
| Cash & Short-Term Investments | 15.72M | 7.32M | 23.51M | 22.71M | 8.77M | 5.01M |
| Receivables | 157.54M | 150.93M | 99.02M | 147.25M | 67.29M | 45.03M |
| Inventory | 184.72M | 89.88M | 55.98M | 52.80M | 72.85M | 38.37M |
| Other Current Assets | 11.47M | 9.76M | 9.85M | 4.42M | 4.63M | 5.04M |
| Total Current Assets | 369.46M | 257.89M | 188.35M | 227.19M | 153.54M | 93.45M |
| Property, Plant & Equipment | 107.21M | 99.35M | 30.01M | 27.71M | 20.93M | 15.57M |
| Goodwill | 69.94M | 69.94M | 69.94M | 69.94M | 69.94M | 69.44M |
| Other Intangible Assets | 29.71M | 33.50M | 41.08M | 48.67M | 56.59M | 65.24M |
| Long-Term Accounts Receivable | 4.25M | |||||
| Long-Term Deferred Tax Assets | 434.76M | 438.03M | 454.16M | 468.19M | 291.63M | 176.96M |
| Other Long-Term Assets | 5.83M | 5.40M | 5.29M | 2.30M | 2.27M | 5.76M |
| Total Assets | 1.02B | 904.10M | 793.08M | 843.99M | 594.89M | 426.41M |
| Accounts Payable | 65.98M | 64.88M | 20.03M | 14.40M | 9.48M | 19.98M |
| Accrued Expenses | 35.27M | 19.00M | 11.66M | 21.77M | 16.16M | 7.73M |
| Current Portion of Long-Term Debt | 2.00M | 2.00M | 2.00M | |||
| Current Portion of Leases | 3.22M | 881.00K | 1.14M | 1.16M | ||
| Current Unearned Revenue | 55.24M | 37.03M | 18.74M | 22.23M | 23.26M | 1.84M |
| Other Current Liabilities | 7.98M | 3.20M | 29.60M | 31.10M | 560.00K | |
| Total Current Liabilities | 164.48M | 127.32M | 80.91M | 92.63M | 52.62M | 31.55M |
| Long-Term Debt | 196.75M | 136.75M | 141.75M | 179.44M | 237.06M | 245.05M |
| Long-Term Leases | 37.06M | 38.66M | 1.24M | 2.12M | 3.26M | |
| Other Long-Term Liabilities | 1.39M | 1.39M | 12.38M | 24.81M | 965.00K | 157.31M |
| Total Liabilities | 399.68M | 304.13M | 236.28M | 299.00M | 293.91M | 433.91M |
| Common Stock | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 498.50M | 493.09M | 483.55M | 470.54M | 256.89M | 95.68M |
| Retained Earnings | 143.99M | 132.15M | 98.58M | 74.45M | 34.48M | -93.13M |
| Treasury Stock | -25.27M | -25.27M | -25.33M | |||
| Total Common Equity | 617.22M | 599.97M | 556.80M | 545.00M | 291.37M | 2.55M |
| Minority Interest | 9.62M | -10.05M | ||||
| Shareholders' Equity | 617.22M | 599.97M | 556.80M | 545.00M | 300.99M | -7.50M |
| Total Liabilities & Equity | 1.02B | 904.10M | 793.08M | 843.99M | 594.89M | 426.41M |
| Total Debt | 233.81M | 178.63M | 143.87M | 184.70M | 243.48M | 247.05M |
| Net Cash (Debt) | -218.09M | -171.31M | -120.36M | -161.99M | -234.72M | -242.05M |
| Net Cash Per Share | -1.29 | -1.02 | -0.71 | -0.98 | -1.40 | -2.44 |
| Filing Date Shares Outstanding | 168.30M | 167.45M | 166.99M | 170.33M | 138.12M | 112.27M |
| Total Common Shares Outstanding | 168.29M | 167.45M | 166.76M | 170.12M | 137.90M | 112.05M |
| Working Capital | 204.98M | 130.56M | 107.44M | 134.56M | 100.92M | 61.89M |
| Book Value Per Share | 3.67 | 3.58 | 3.34 | 3.20 | 2.11 | 0.02 |
| Tangible Book Value | 517.57M | 496.53M | 445.78M | 426.39M | 164.85M | -132.12M |
| Tangible Book Value Per Share | 3.08 | 2.97 | 2.67 | 2.51 | 1.20 | -1.18 |
| Land | 610.00K | 610.00K | 840.00K | 840.00K | 840.00K | 840.00K |
| Buildings | 34.26M | 30.23M | 13.69M | 13.13M | 9.03M | 7.80M |
| Machinery | 41.76M | 27.26M | 22.79M | 20.42M | 14.28M | 12.53M |
| Construction In Progress | 7.22M | 12.69M | 3.97M | |||
| Order Backlog | 747.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 31.84M | 33.57M | 24.13M | 39.97M | 127.61M | 2.35M |
| Depreciation & Amortization | 15.93M | 13.82M | 12.63M | 10.53M | 10.51M | 10.05M |
| Other Amortization | 622.00K | 622.00K | 3.09M | 2.17M | 1.36M | 5.97M |
| Loss (Gain) From Sale of Assets | 52.00K | |||||
| Stock-Based Compensation | 12.35M | 9.90M | 14.23M | 20.86M | 16.11M | 11.29M |
| Provision & Write-off of Bad Debts | 296.00K | 200.00K | ||||
| Other Operating Activities | 27.99M | 18.91M | 31.91M | 78.62M | -77.77M | 425.00K |
| Change in Accounts Receivable | -44.05M | -51.91M | 48.24M | -80.26M | -22.39M | -8.92M |
| Change in Inventory | -130.66M | -35.11M | -5.84M | 15.01M | -36.93M | -17.19M |
| Change in Accounts Payable | 38.09M | 43.32M | 5.64M | 5.17M | -11.03M | -3.88M |
| Change in Unearned Revenue | 35.17M | 18.29M | -3.49M | -1.03M | 21.42M | 1.67M |
| Change in Other Net Operating Assets | -6.58M | -34.35M | -50.14M | 624.00K | 10.35M | -5.90M |
| Operating Cash Flow | -19.31M | 17.07M | 80.39M | 91.95M | 39.45M | -4.08M |
| Capital Expenditures | -32.28M | -33.04M | -8.39M | -10.58M | -3.15M | -4.13M |
| Sale of Property, Plant & Equipment | 5.09M | |||||
| Cash Acquisitions | -12.91M | |||||
| Other Investing Activities | -269.00K | -503.00K | ||||
| Investing Cash Flow | -32.28M | -27.95M | -8.39M | -10.85M | -3.66M | -17.04M |
| Long-Term Debt Issued | 60.00M | 148.75M | 45.00M | 46.00M | 49.14M | |
| Total Debt Issued | 90.00M | 60.00M | 148.75M | 45.00M | 46.00M | 49.14M |
| Long-Term Debt Repaid | -65.00M | -190.75M | -104.50M | -55.14M | -168.29M | |
| Total Debt Repaid | -25.00M | -65.00M | -190.75M | -104.50M | -55.14M | -168.29M |
| Net Debt Issued (Repaid) | 65.00M | -5.00M | -42.00M | -59.50M | -9.14M | -119.15M |
| Issuance of Common Stock | 42.94M | 559.90M | ||||
| Repurchase of Common Stock | -2.38M | -362.00K | -26.55M | -3.88M | -1.30M | -137.00K |
| Other Financing Activities | 59.00K | -2.64M | -3.79M | -69.09M | -420.01M | |
| Financing Cash Flow | 62.62M | -5.30M | -71.19M | -67.17M | -36.59M | 20.60M |
| Net Cash Flow | 11.04M | -16.19M | 804.00K | 13.94M | -791.00K | -516.00K |
| Free Cash Flow | -51.59M | -15.98M | 72.00M | 81.38M | 36.30M | -8.21M |
| Free Cash Flow Margin | -8.77% | -3.36% | 18.03% | 16.64% | 11.10% | -3.85% |
| Free Cash Flow Per Share | -0.30 | -0.10 | 0.43 | 0.49 | 0.22 | -0.08 |
| Levered Free Cash Flow | -42.99M | -9.89M | 79.63M | 38.42M | 18.27M | 4.79M |
| Unlevered Free Cash Flow | -36.29M | -4.27M | 85.18M | 51.32M | 28.49M | 7.91M |
| Cash Interest Paid | 10.48M | 9.11M | 16.29M | 23.10M | 12.84M | 10.81M |
| Cash Income Tax Paid | -183.00K | 109.00K | 1.32M | 786.00K | 1.19M | |
| Change in Working Capital | -108.04M | -59.76M | -5.60M | -60.49M | -38.57M | -34.22M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.28B | 1.42B | 921.85M | 2.64B | 3.35B | 2.53B |
| Enterprise Value | 1.50B | 1.58B | 1.05B | 2.83B | 3.62B | 2.76B |
| Last Close Price | 7.60 | 8.50 | 5.53 | 15.54 | 24.67 | 24.30 |
| PE Ratio | 40.07 | 42.38 | 38.21 | 66.11 | 26.27 | |
| Forward PE | 14.27 | 17.07 | 13.46 | 20.01 | 45.42 | 59.87 |
| PS Ratio | 2.18 | 2.99 | 2.31 | 5.41 | 10.26 | 11.87 |
| PB Ratio | 2.07 | 2.37 | 1.66 | 4.85 | 11.14 | -337.63 |
| P/TBV Ratio | 2.47 | 2.87 | 2.07 | 6.20 | 20.34 | |
| P/FCF Ratio | 12.80 | 32.48 | 92.36 | |||
| P/OCF Ratio | 83.37 | 11.47 | 28.74 | 84.98 | ||
| PEG Ratio | 0.89 | 0.53 | 1.55 | 0.32 | ||
| EV/Sales Ratio | 2.55 | 3.33 | 2.64 | 5.78 | 11.08 | 12.93 |
| EV/EBITDA Ratio | 14.88 | 17.85 | 14.80 | 31.13 | 47.15 | 56.70 |
| EV/EBIT Ratio | 17.68 | 21.15 | 18.00 | 35.21 | 54.62 | 71.48 |
| EV/FCF Ratio | 14.62 | 34.74 | 99.81 | |||
| Debt / Equity Ratio | 0.38 | 0.30 | 0.26 | 0.34 | 0.81 | -32.95 |
| Debt / EBITDA Ratio | 2.25 | 1.95 | 1.99 | 2.00 | 3.11 | 5.08 |
| Debt / FCF Ratio | 2.00 | 2.27 | 6.71 | |||
| Net Debt / Equity Ratio | 0.35 | 0.29 | 0.22 | 0.30 | 0.78 | -32.28 |
| Net Debt / EBITDA Ratio | 2.17 | 1.94 | 1.69 | 1.78 | 3.06 | 4.98 |
| Net Debt / FCF Ratio | -4.23 | -10.72 | 1.67 | 1.99 | 6.47 | -29.49 |
| Asset Turnover | 0.65 | 0.56 | 0.49 | 0.68 | 0.64 | 0.69 |
| Inventory Turnover | 3.31 | 4.24 | 4.73 | 5.10 | 3.52 | 4.88 |
| Quick Ratio | 1.05 | 1.24 | 1.51 | 1.83 | 1.45 | 1.59 |
| Current Ratio | 2.25 | 2.02 | 2.33 | 2.45 | 2.92 | 2.96 |
| Return on Equity (ROE) | 5.34% | 5.80% | 4.38% | 10.09% | 97.46% | |
| Return on Assets (ROA) | 5.84% | 5.50% | 4.46% | 6.98% | 8.12% | 7.76% |
| Return on Invested Capital (ROIC) | 7.30% | 7.14% | 5.38% | 10.04% | 13.41% | 13.34% |
| Return on Capital Employed (ROCE) | 9.90% | 9.60% | 8.20% | 10.70% | 12.20% | 9.80% |
| Earnings Yield | 2.50% | 2.36% | 2.62% | 1.51% | 3.81% | 0.09% |
| FCF Yield | -4.03% | -1.12% | 7.81% | 3.08% | 1.08% | -0.32% |
| Buyback Yield / Dilution | -1.49% | 0.21% | -2.57% | 1.86% | -68.86% | 38.06% |